Coinbase Global, Inc. (COIN) reported a significant second-quarter loss on July 25, 2023, with a GAAP net loss of $359.5 million and an adjusted loss of $0.39 per share, falling short of the consensus estimate of earnings of $0.14 per share. Revenue was $1.22 billion, missing expectations of $1.29 billion and representing an 18% year-over-year decline.
The company experienced a 31% drop in consumer transaction revenue and a decrease in Monthly Transacting Users to 7.6 million from 8.7 million year-over-year. Following this report, the Zacks Consensus Estimate for fiscal 2026 earnings plummeted from a projected profit of $1.41 per share to a loss of $0.05 per share, exacerbating fears as Coinbase now carries a Zacks Rank #5 (Strong Sell).
As expectations continue to decline, projected FY26 sales are expected to fall 29% to $5.09 billion, with analysts estimating nearly no earnings for the upcoming years.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
